Fountain Powerboat Industries 8-K 2008
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 5, 2008
FOUNTAIN POWERBOAT INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Registrants telephone number, including area code: (252) 975-2000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
We received notice from the NYSE Alternext US, successor to the American Stock Exchange (the Exchange), on November 5, 2008 that, based on its review of our Annual Report on Form 10-K for the year ended June 30, 2008, we are not in compliance with one of the Exchanges standards for the continued listing of our common stock as set forth in Part 10 of the Exchanges Company Guide (the Company Guide). Specifically, the notice states that the Company is not in compliance with Section 1003(a)(i) of the Company Guide with stockholders equity of less than $2,000,000 and losses from continuing operations and net losses in two of its three most recent fiscal years. As a result of the circumstances described above, the notice states that we have become subject to the Exchanges suspension and delisting procedures set forth in Section 1009 of the Company Guide.
As we reported on June 17, 2008, we received a previous notice from the Exchange during June 2008 that, based on its review of our Quarterly Report on Form 10-Q for the period ended March 31, 2008, we were not in compliance with another of the Exchanges continued listing standards. Specifically, that previous notice stated that we were not in compliance with Section 1003(a)(iv) of the Company Guide and that we had become subject to the Exchanges suspension and delisting procedures and must submit a plan addressing how we intended to regain compliance, including specific milestones, quarterly financial projections, and details related to any strategic initiatives we planned to complete (a Plan).
We reported on July 24, 2008, that we had submitted a Plan to the Exchange that summarized our managements plans and strategies for dealing with the issues raised in June notice; and, on August 29, 2008, we reported that the Exchange had notified us that (1) we had made a reasonable demonstration of its ability to regain compliance, (2) the Exchange had accepted our Plan and granted an extension until December 11, 2008, to regain compliance with the Exchanges continued listing standards, and (3) during the extension period, the listing of our common stock would be continued and the Exchange Staff periodically would review our implementation of the strategies described in the Plan, but that failure to make progress consistent with the Plan or to regain compliance with the Exchanges continued listing standards by the end of the extension period could result in the initiation of proceedings to delist our common stock.
The current notice provides that we may submit a supplement to the Plan described above by December 5, 2008, addressing how we intend to regain compliance with Section 1003(a)(i) by November 5, 2009 (a Second Plan). The Exchanges Corporate Compliance Department will evaluate any Second Plan we submit and make a determination as to whether we have made a reasonable demonstration of an ability to regain compliance. If our Second Plan is accepted, we may be able to continue our listing during the Plan periods, subject to periodic reviews to determine whether we are making progress consistent with the Second Plan.
We remain subject to the conditions set forth in the Exchanges June notice and will be subject to delisting proceedings if we do not submit a Second Plan or if any Second Plan we submit is not accepted by the Exchange. Likewise, even if a Second Plan we submit is accepted, but we are not in compliance with all continued listing standards of the Company Guide by November 5, 2009, or if we do not make progress consistent with the Second Plan during the Plan periods, the Exchange will initiate delisting proceedings.
We intend to carefully evaluate how we will respond to the Exchanges current notice, including whether we will be able to submit a Second Plan with a viable chance of success. We currently are unable to make any more definite statement about our intention to submit a Second Plan or our prospects for submitting an acceptable Second Plan.
A copy of our press release dated November 10 is attached as an exhibit to this Report.
Exhibits. The following Exhibit is being furnished with this Report.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, we have duly caused this Report to be signed on our behalf by the undersigned thereunto duly authorized.